To organise meetings with department heads. 8. Directors’ other statutory responsibilities 61 9. Some of the key issues for a director of a company which is insolvent or approaching insolvency are: A director does not need to have been dishonest to be liable for wrongful trading and he or she cannot avoid responsibility by resigning from the company when potential difficulties are spotted. As a director, he attends the Board meetings and, as a manager, he performs the managerial functions. Directors’ responsibilities concerning accounting and reporting 47 8. Personal Assistant to the Director JOB DESCRIPTION Summary of job Provide full administrative and secretarial support at a senior level to the Director to ensure the smooth management of her day to day affairs, and most effective use of her time. Meaning of Managing Director 2. Increase of remuneration to managing director re­quires the approval of the Central Govt. (iii) His appointment is not against public in­terest. a director owes a duty of confidentiality to his or her company and must use or disclose the company’s confidential information only for the benefit of the company. 0000003507 00000 n 0000002997 00000 n To formulate the employment and compen­sation plan in accordance with the accepted poli­cies of the company. ;oc�ǚ�m9�\�Y=�T�c�\B��64�v �V[�q�n��P��Ȥ�j�q{#���W�P�m�a�p�עL��Tl�Fn�7qZ%Ϧ���[�n��b:�+j��,�q����F� ΛH8*:��� ���)�&���Puǟ�TV�R6}�J�(v�19�����Gc�D� �����,�8N�f ��AU�f��}�DE�Hg� ;�ae������%ɯ4}�t}n�:,�2���|H?��d2r�� ��]���2�� ����_�lc>@f��6.�rNAE�)H`��M��0�2 ��w:�k��g�2�������!�X�Q��R�K�X�xc`p���$ދyd�,���0��G�ϝ6#%if�91��Yj�o�)3�F�E(l��Pm�G�+��]�QG34���O��dK������\_��pX_���:�ޥ�>@����v���3�C*�f$B�Aj��rr~��.9(0�6���Y��2:� 4(�1��;��U�B�(rV�I;ݒ ��b��"n�����$X+SO*�$��&��2*x;A�!��BFS��p@Ϭ%����s�Xa9w��e- Trusteeship: The board of directors act as trustees to the property and welfare of the company. %%EOF Such sum shall be exclusive of any fees payable to directors. The potential risks for a director in this area are complex and include the risk of being disqualified from holding the position of director or being involved in the promotion or management of a company for a period of up to 15 years. While fixing remuneration, the Central Govt. To be successful as a Managing Director you should be able to manage and advance a business's strategic objectives. Standard policy exclusions include fraud, dishonesty and criminal behaviour but the directors should ensure they understand any limitations on cover and that insurance policies are kept under regular review. trailer (iii) partly by one and partly by the other. To give due attention to consumer satis­faction which is ensured by the continued supply of goods and services to the market. ‘Governance and duties in the time of COVID-19’, The responsibilities and duties of a company director, (pdf, 0.33MB), Distressed M&A: New foreign investment measures, Distressed M&A – Merger control issues and the failing firm defence, Burges Salmon advises Gresham House on acquisition of Arenko battery projects, the likely consequences of any decision in the long term, the need to foster the company’s business relationships with suppliers, customers and others, the impact of the company’s operations on the community and the environment, the desirability of the company maintaining a reputation for high standards of business conduct. ؍0ʀa ,"����`�(���F�.k�c��(G�����v&�. 12. In certain circumstances and subject to certain hurdles, an individual shareholder or group of shareholders can also bring a claim against a director for breach of duty on behalf of the company (known as a derivative action). Managing Director is entrusted with substantial powers of company management subject to the su­perintendence, control and direction of the Board of Directors. does not take every step he or she ought to from that time to minimise the potential loss to creditors. He occupies a position of dual authority and responsibility.